Paschi’s €16.1 Billion Mediobanca Bid Hits Acceptance Level (3)

Banca Monte dei Paschi di Siena SpA’s said its takeover offer for Mediobanca SpA reached the minimum acceptance level after it sweetened the bid, paving the way for it to take control of the rival.

Investors have tendered 38.5% of Mediobanca’s shares, according to a filing released by Borsa Italianaon Wednesday, crossing the 35% threshold set by Monte Paschi to trigger an obligation for it to buy the shares. Monte Paschi has said the stake would be sufficient to have “de facto” control of the Milan-based investment bank.

Lovaglio earlier this month improved the bid by offering €0.90 ...